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Economic evaluation of airport security systems

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You've been hired as an economic consultant to evaluate the nation's airport security systems (metal detectors and machines that allow security people to see what's inside carry-on luggage). Suppose these security systems add $5 to the typical airplane ticket and require 10 minutes of extra time for each passenger. List and explain at least two questions you will answer in your evaluation.

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Economic evaluation of airport security systems

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There are lots of possible questions that you could ask. I will give you several ideas, but you will need to formulate the questions yourself.

You could ask questions about the price elasticity of demand. The demand for a particular good or service depends on a variety of factors. Key influences include the tastes of consumers, the levels of consumer income, the price and quality of the product in question and the prices of other goods, especially goods that are close substitutes. In order to obtain useful estimates of the price sensitivity of demand for a product, researchers must ...

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